I am in the process of setting up redundant 7200 border routers. I will be using HSRP on both the outside and inside interfaces. I have been able to get fail-over if I lose an entire router, but not if I lose a link (either inside or outside) because a fast Ethernet interface doesn't actually go down. Do you have a programming recommendation on how to have resilience with HSRP at the link level?
If you have a problem in an inside or outside link, then your Fast Ethernet Interface should go down. If you have a configuration, wherein service provider router is connecting to your router via fast Ethernet, and WAN link is terminating on service provider router, then you will have problems. In this case, you can try to configure a tunnel interface to the destination. Enable keepalives on this, and track this tunnel interface. Now whenever the link goes down, this tunnel interface will also go down.